The donation was first announced in November 2005 but title transferred was delayed as the developer sought to work out a deal with the city to demolish part of the historic building for the development of luxury residential condos, sources familiar with the transaction tell GlobeSt.com. The city denied the demolition permit but is allowing Terra to develop a 62-story, 685-unit tower behind Freedom Tower.

Terra is also developing a 516-unit residential condo project at 900 Biscayne Blvd. and received city approval last month to build City Square, a 130-foot tall, 641,104-sf retail complex behind the east hall of the $461-million Carnival Center for the Performing Arts.

Miami Dade College president Eduardo Padron previously announced plans to open a museum and art studios in Freedom Tower that would be associated with the college's established New World School of the Arts. This program offers college and high school degrees and is affiliated with the University of Florida and Miami-Dade County Public Schools. Padron previously said projected annual operating costs for the converted Freedom Tower structure would be about $1 million.